What type of Insurance does a bar need?
Importance of Bar Insurance
As a bar owner aside from the responsibility that comes with owning a bar, there are a variety of additional issues that might arise and make it difficult to concentrate on running your business. Employees can be hurt, equipment can fail, food can be mistakenly poisoned if you serve it, and the bar itself can be damaged by fire, wind, vandalism, and other factors.
Even if you have the most thorough safety strategy in place, working with the general public in any capacity creates hazards to your company. Regardless of the adverse incidence that occurs, you must have adequate insurance cover in place to ensure that your company can continue to operate and reap the benefits of its efforts.
What Types of Insurance Coverage Do Bars Need?
1. General Liability Coverage
Accidents happen daily. There's always the possibility that someone will trip over a chair or slip and fall on a damp surface. When instances like this occur, general liability insurance will provide you with protection.
General liability insurance can protect you and your establishment in the event that someone slips and falls and gets wounded. In addition to harm protection, you'll be protected if any of your items are found to be liable for something. The general liability coverage you have in place will pay for any medical expenses that result from whatever you serve.
2. Liquor Liability Coverage
Liquor liability insurance is required for every establishment that offers alcoholic beverages.
Everyone knows someone who has done something dumb after having a few too many drinks the night before. No matter how hard we try, we will never be able to prevent individuals from making errors.
This sort of insurance protects you against problems that general liability insurance does not cover, such as the theft of your liquor licence. When a claim arises as a result of the sale of an alcoholic beverage, general liability coverage does not apply.
3. Assault & Battery Coverage
It is not uncommon for bar goers to become a bit boisterous. We'd like to believe that everyone will behave responsibly, but some people aren't known for making sound decisions when under the influence of alcohol.
While general liability and liquor liability insurance do not restrict coverage for assault and battery, several exclusions may subject you to legal liability in specific circumstances. Attack and battery claims are covered by general liability and liquor liability insurance policies. If you have this coverage, you should be ok.
4. Property Insurance
If you own a piece of real estate, you must have insurance coverage for it. Physical damage to your property is covered by property insurance, which will pay the expense of any repairs. The construction of the bar itself is included in this report.
The real cash worth of your property or the replacement cost of your property might be used to determine the value of your property insurance.
It is more expensive to have replacement cost insurance, but if your bar suffers a severe loss, such as a fire, it may be more difficult to rebuild with only the real cash worth in hand. If only for the sake of peace of mind, it may be worthwhile to get replacement cost coverage.
KEL Insurance will assist you in selecting and customizing the proper bar insurance coverage for your company in order to safeguard your assets. In addition to offering excellent customer service, our representatives make excellent recommendations.